Etihad Atheeb Telecommunication Co. (GO) announces the annual financial results for the period ending on 31-03-2017
|Element||Current year||Previous year||% Change|
|Net profit (loss)||-138.62||-148.09||6.39|
|Earning or loss per share, Riyals||-0.88||-0.94||-|
|Gross profit (loss)||82.4||31.38||162.59|
|Operational profit (loss)||-246.71||-289.47||14.77|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Reasons of annual financial results||The reason for the decrease in the net loss for the current period compared to the corresponding period last year is due to the increase in the operating revenue.|
|External auditor's report containing reservation||For your perusal attached External Auditors Report|
|Reclassifications in annual financial results||Certain prior period amounts have been reclassified to conform to the presentation in the current period.|
|Other notes||Period compared with the same period last year
The company confirmed that the total revenues for the period ended March 31, 2017 reached SAR 421.7 million, with an increase of 23.0 % (SAR 78.7 million) compared with the same period of last year where the total revenues was SAR 343.0 million, This increase is due to increase in the consumer services revenue by 140.8% (SAR 74.5 million) as a result of introducing new services with high speeds up to 200 Mbps using fiber optic (FTTH) and 4G technologies (LTE 4G) at competitive prices. As well as the increase of business to business revenues by 32.5 % (SAR 37.7 million) as a result of increasing the number of corporate customers due to the new services and solutions that EATC has provided to their customers, in spite of the decrease in the interconnection revenue by 19.2% (SAR 33.5 million) as a result of the decrease in the local and international traffic.
The total Shareholders Equity (No minority interest) decreased by 28.9% (SAR 138.6 million) that reached SAR 341.1 million compared to the same period of the last year of SAR 479.7 million. Earnings per share (EPS) calculated based on 157,500,000 shares at 31 March 2017 before capital reduction. The current financial statement is prepared under SOCPA knowing that the company in the process of moving into IFRS.
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